A house facing the inlet at the northern tip of Palm Beach has found a new owner via a sale recorded at $55.15 million. With wide water vistas, the property offers views of vessels heading to and from the ocean, the Port of Palm Beach and the Intracoastal Waterway.
The house at 1610 N. Ocean Blvd. was sold through the 1610 Land Trust, which is linked in public records to investments specialist Bryan Mattson. The house last changed hands for $25.5 million in October 2019, a year after it was completed.
Consumer-brands executive Gary Paul Smith and his wife, Kalynn Nicole Smith, bought the property, the deed recorded April 7 shows. The Smiths are linked in public records to a house on Angler Avenue in Palm Beach.
The Palm Beach Daily News is the first media outlet to report the sale.
The estate that just sold on North Ocean Boulevard stands on a lot of nearly nine-tenths of an acre with 131 feet of inlet frontage and a private dock and boat lifts. The property is the second one west of the town dock at the end of North Ocean Boulevard.
With British Colonial-influenced architecture, the house was originally developed on speculation by the Frisbie Group. The layout has six bedrooms and a total of 9,794 square feet of living space, inside and out.
The house had been on and off the market since April 2023, when it carried a price tag of $77.9 million, according to the multiple listing service. It was most recently re-listed in September by a different agency — Premier Estate Properties — at $65 million, although listing agent Margit Brandt had dropped the price to about $60 million by the time the sale closed April 2, the multiple listing service shows.
Brandt declined to comment about the sale. But her sales listing described the estate as offering “the perfect blend of British West Indies elegance and contemporary refinement.”
Representing the buyers were agents Todd and Frances Peter of Sotheby’s International Realty. Todd Peter declined to discuss the transaction.
Gary Smith is co-managing partner at New Providence Holdings — an investment firm specializing in consumer brands — with offices in Palm Beach, New York City and Dallas, its website says. Smith also is co-chairman and co-CEO of a related company, New Providence Acquisition III, according to a brief online biographical sketch. He was formerly CEO of Big Red Group, named for the Big Red soft-drink brand, a company he helped expand, according to published reports. That company eventually was sold to Keurig Dr. Pepper.
Smith and his wife could not immediately be reached for comment.
On the seller’s side, Brian Mattson has a resume that includes tenure as a portfolio manager at Lombard Odier Asset Management, published reports show. Matson could not immediately be reached for comment.
Attorney Christopher Benvenuto of Gunster’s office in West Palm Beach signed the deed to sell the house as successor trustee of the 1610 Land Trust. Benvenuto said there would be no comment from the seller about the sale.
Architect Roger Janssen of Dailey Janssen Architects designed the two-story house, which features a courtyard entry, an expansive living room with a fireplace, a library and a gym. The kitchen is open to the family room, which makes the space “ideal for relaxed entertaining,” Brandt’s sales listing said.
The second-floor primary suite affords views of the Intracoastal Waterway and includes a sitting room, a morning bar, dual “spa-inspired” baths, walk-in closets and a balcony with a fireplace.
The VIP suite on the first floor has access to a private patio.
Other features of the house include an elevator, a fully equipped staff kitchen and a pair of separate garages, each accommodating two cars. Above each garage is a separate guest suite — one connected to the house and the other unattached. That arrangement allows the “residents to generously host their guests and family with the added perk of privacy and space,” the sales listing said.
The covered waterfront loggia has a fireplace and an outdoor television. At the inlet, the dock was designed with a seating area to take in the views.
(This story was updated to add new information.)
Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz. Subscribe today to support our journalism.
This article originally appeared on Palm Beach Daily News: Estate sells for $55.15 million on the inlet at the tip of Palm Beach
Reporting by Darrell Hofheinz, Palm Beach Daily News / Palm Beach Daily News
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